Morgan Stanley fund unit feeling the heat
NEW YORK (Reuters) – If investors thought Morgan Stanley had turned things around in asset management, a jarring second-quarter loss revealed the investment bank still has a ways to go. Yet the unit,...
View ArticleMerrill Lynch writes down extra $9.4bn
Merrill Lynch wrote off another $9.4bn from the value of its holdings in US mortgages and derivatives last night, taking its total writedowns since the credit crisis began to more than $40bn. The...
View ArticleMore banks settle securities case
Merrill Lynch, Goldman Sachs and Deutsche Bank are the latest banks to reach a settlement with US regulators over the sale of risky securities. The banks have agreed to buy back billions of dollars in...
View ArticleLehman Bros files for bankruptcy
The fourth-largest investment bank in the US, Lehman Brothers, has said it will file for bankruptcy protection, amid a growing global financial crisis. Lehman had incurred losses of billions of dollars...
View ArticleMerrill Lynch sold in $50bn deal
Bank of America is to buy Merrill Lynch in a deal worth $50bn (£28bn) that will create a new financial giant. The deal came amid a hectic weekend on Wall Street, with Lehman Brothers announcing that it...
View ArticleUK banks ‘to get more regulation’
Chancellor Alistair Darling says that laws will be introduced to tighten the rules governing the UK banking system. His comments came in a BBC interview as the world digested the fate of two of Wall...
View ArticleUS consumer prices fall in August
US consumer prices fell in August for the first time in nearly two years due to lower energy costs, data shows. Labor Department figures showed the Consumer Price Index (CPI) was 0.1% lower...
View ArticlePaulson wants a speedy debt deal
Henry Paulson has urged Congress to move quickly to pass a $700bn (£382bn) package to tackle the worst financial crisis for decades. The US Treasury Secretary plans to set up a fund to buy back much of...
View ArticleCrude oil down to $44.27 per barrel
The price of crude oil has continued its downward spiral and has now hit a low that was last seen in early 2005. It will be interesting to see where the bottom is on the oil price and I will admit that...
View ArticleOil hits a new low of less than $40 per barrel
The price per barrel of oil has fallen to below $40 and ended the day at $39.73. Demand for oil is still continuing to fall due to the world economic crisis. I thought again that the price had hit a...
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